chapter  30
10 Pages

Project Finance in Russia

ByMarc Partridge, Gazprombank

GNPower Mariveles Coal Plant (GMCP) is an important transaction in international power project financing, in the Philippines and across Asia that broke barriers by financing a non-traditional offtake structure as well as using a full-range of Chinese equipment and a Chinese EPC contractor. The success of GMCP provides an unprecedented example of an innovative financing structure for power projects across several Asian countries where electricity is needed more than ever to drive and sustain economic growth. The project is also an exemplary environmental model demonstrating the strong collaboration of international, local and Chinese banks, as well as the sponsors, in supporting and safeguarding the environment through the adoption of the Equator Principles. The project is a 600MW coal-fired power plant located in an industrial zone on the Bataan Peninsula of Luzon, the Philippines. It uses proven pulverized coal-fired technology and equipment from China and was specifically designed for low sulphur, low ash and low calorific value coal.